>>20826773
>There's no way in hell that prices medium term don't go back to pre-CCP virus levels
I see that there are still a lot of people that got involved with oil with no understanding of how the commodity works. Long term oil is facing a secular decline, not so much yet from renewable memes, but from natural gas. And the problem of the price war is that a lot of the countries that almost entirely rely on oil revenue have to keep pumping something. They simply can't afford to go years without doing so. The price war and covid was timed right before the typical summer bumps, so now the next bump up is in October, November, December.
And at these price levels, much of the US oil industry literally cannot operate at anything approaching a profit. The industry is used to this, but this bust cycle shock was immense even by its standards. Things will "get back to normal" after bankruptcies, consolidations, and mergers.